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Fifth Third Bancorp Agrees to Purchase
State Savings for $918.5 Million in Stock

By

Matt Murray Staff Reporter of The Wall Street Journal

Updated Jan. 6, 1998 12:01 a.m. ET

Fifth Third Bancorp , in its costliest acquisition ever, agreed to buy State Savings Co., a closely held thrift in Columbus, Ohio, in a stock swap valued at about $918.5 million.

The steep price, about 3.3 times State Savings' book value, reflects the soaring price tags that even small banks can fetch these days as a host of hungry buyers compete for every franchise on the block. Although State Savings has only has 53 offices and $2.8...